HSH Nordbank: No shipping recovery before 2015

HSH Nordbank, a large lender to the shipping industry, said that it "does not expect freight and charter rates and ship prices to start recovering before 2015, and then at a slower pace than hitherto expected."
The Hamburg-based lender said that as a result, "In the fourth quarter of 2013, the bank therefore adjusted its plan for loan loss provisions once again, considerably raising its provisions for its legacy assets in shipping.